The Canadian Federal Government launched it’s Startup Visa Program three years ago in April 2013. This unique program grants Permanent Residency in Canada to qualifying immigrant entrepreneurs from around the world. The start-up visa program has an annual quota of 2,750 applications. Entrepreneurs selected in this program are also offered subsidized office space and fund raising support for their businesses.
While Canada has many provinces competing to host these startups from around the globe, Prince Edward Island (PEI) has emerged as a hot favorite in the Startup Visa Program. It recently announced that it would be launching a new Startup Zone along with an incubator for immigrant entrepreneurs. The zone which is expected to become operational on the 1st April 2016 is located in the city of Charlottetown of Prince Edward Island province.
What does the Startup Zone provide to foreign entrepreneurs ?
- Low cost co-working space.
- Located in downtown Charlottetown, the Startup Zone is based on the open concept DMZ model.
- The Startup Zone will allow for collaboration between entrepreneurs and will include an in-house accelerator. (Propel ICT)
- The Startup Zone will provide mentor-ship, sales and marketing assistance.
What are the financial incentives given to startups relocating to Canada ?
- A labour rebate of 25% for salaries paid on all eligible new positions created during the financial year.
- Entrepreneurs pay $ 2,400/year for space for the first year A rebate on rental expenditures of $60 per square metre for the second and third years of business operations.
Who is eligible to apply ?
- Any startup or individual who owns a revenue generating business with a scalable product which has the potential to be globally accepted in the fields of IT, Business services, Life Sciences and Renewable Energy.
- The startup and it’s employees must be willing to live and work in Canada at facilities provided by LaunchPad PEI for the first year of operations.
- The entrepreneur must hold majority ownership of the startup.The product or service must be in Beta stage or beyond.
- Entrepreneurs must be able to take care of the family expenses for up to one year.
- Entrepreneurs must meet minimum English or French language requirements.
Why should you shift your startup to Prince Edward Island , Canada?
- Those startups who have a product or service that is targeted at North American markets can benefit enormously by shifting their operations closer to their clients.
- Prince Edward Island is located in the eastern most part of Canada and provides convenient access to all the major business hubs of Europe.
- It has a base of more than 3,100 highly skilled IT professionals.
- It has one of the lowest operating costs in the country.
- Canada has high standards of living and provides it’s citizens with an enviable quality of life. If you are tired of the pollution in the National Capital Region or traffic jams in Bangalore, then this program is just right for you !
- Prince Edward Island has a favorable investment climate along with partners and programs who want to help you succeed in your business.
List of Companies already doing Business at PEI.
- Entrepreneur submits application through the website.
- Conference call with LaunchPad PEI to discuss business plan and product potential.
- Visit and tour of Prince Edward Island.
- Signing of Lease agreement.
- LaunchPad PEI submits Commitment Certificate to Citizenship and Immigration Canada.
- Entrepreneur submits application and letter of support from LaunchPad PEI along with their Visa Application to the Canadian Embassy.
Apply today ! at http://launchpadpei.com/suv-program/